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World running out of oil storage capacity

OilNOW -
If OPEC does not act, lack of storage will begin to force shut-in of crude oil production at some locations around the world since oil demand will be unlikely to recover substantially in the coming weeks, according to a...
News

Equinor makes Monument oil discovery at US Gulf of Mexico

OilNOW -
Norwegian multinational oil, gas and renewable energy company Equinor and co-venturers Progress Resources USA Ltd and Repsol E&P USA Inc. have encountered oil in the Monument exploration well in the US Gulf of Mexico. Equinor said on Monday the Monument...
News

Latin American growth to take major hit in 2020

OilNOW -
The spread of coronavirus, drop in commodity prices, tighter external funding conditions and falling domestic financial asset prices will weaken economic growth in Latin America substantially this year, Fitch Ratings says. This follows several years of persistently weak economic...
News

Soldiers protecting last drops of gasoline in Venezuela

OilNOW -
(Bloomberg) -- The few gasoline stations still open in Caracas are manned by armed soldiers, and those waiting to fill their vehicles in day-long lines are only security personnel and designated medical and food suppliers. Under coronavirus quarantine like most...
News

Oil higher as hopes build for production cut amid coronavirus threat to demand

OilNOW -
(Reuters) - Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and...
News

Oil ends lower as producers delay a key meeting, feeding uncertainty over potential output cuts

OilNOW -
(Market Watch) Oil futures ended lower on Monday, with the U.S. benchmark posting a loss of 8% after a key meeting of major crude producers, including Saudi Arabia and Russia, was tentatively shifted to Thursday, amid rising tensions between...
News

Russia, Saudi Arabia very close to an oil deal – Russia’s wealth fund chief

OilNOW -
(CNBC) Russia and Saudi Arabia are “very, very close” to a deal on oil production cuts, according to the chief executive of Russia’s sovereign wealth fund RDIF. “I think the whole market understands that this deal is important, and it will bring lots of stability,...
News

Fugro forced to implement hiring, salary freeze as impact of COVID-19 deepens

OilNOW -
Dutch engineering company Fugro said on Monday it is taking appropriate measures during the COVID-19 pandemic to keep its employees, partners and clients safe and healthy while ensuring service delivery. Current market conditions have forced the company to implement...
Exploration

“We do not see Exxon turning off the taps in Guyana” – Rystad Energy

OilNOW -
The fall in oil prices triggered by the Saudi Arabia-Russia price war and the COVID-19 global pandemic has resulted in a number of oil and gas companies readjusting their 2020 exploration and production programmes. US oil major ExxonMobil said...
News

Suriname must begin discussion on coming oil money – Staatsolie CEO

OilNOW -
Mr Rudolph Elias, CEO of Suriname state oil company Staatsolie Maatschappij Suriname N.V., says with the second significant oil discovery at Block 58 offshore Suriname by Apache Corporation and Total, it is of the utmost importance that a national...
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Technip Energies highlights collaborative role in GranMorgu FPSO project

PARAMARIBO, SURINAME  - In an exclusive interview with OilNOW during the Suriname Energy, Oil & Gas Summit (SEOGS) 2025,...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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